UPDATE: io9 paints a picture of these events as less doom-and-gloom as some might think. A representative for Sony told the outlet the dispute between studios “is simply over a producer credit and negotiations are ongoing.” The original story follows.

Deadline is reporting that after Disney and Sony Pictures failed to reach new terms, Marvel Studios president Kevin Feige will not be producing any more Spider-Man films following a dispute between the two companies that has lasted for a few months.

The outlet notes that two Spider-Man movies are currently in the works with star Tom Holland and director Jon Watts, meaning Feige will not be the lead producer of those movies as Marvel Studios will apparently no longer have any future involvement in the Spider-Man universe.

The fallout comes after Sony turned down Disney’s offer that future Spider-Man movies be a 50/50 co-financing arrangement. In turn, Sony offered to keep the same arrangement under the current terms with Marvel receiving about 5% of first-dollar gross, and Disney rejecting the offer.

Earlier this year Avengers: Endgame became the highest-grossing film of all time, followed by Spider-Man: Far From Home surpassing Skyfall to become the highest-grossing film ever for Sony, both produced by Feige. Sources told the outlet that Sony feels “they will be fine” without Feige at the producing helm. Watts and Holland are part of the creative template for the upcoming Spider-Man films, along with producer Amy Pascal.

Sony’s upcoming slate includes the Venom sequel, starring Tom Hardy and directed by Andy Serkis, as well as Jared Leto’s Morbius, Kraven the Hunter, and a spinoff featuring Silver Sable and Black Cat.

“Much of today’s news about Spider-Man has mischaracterized recent discussions about Kevin Feige’s involvement in the franchise,” Sony stated on Twitter. “We are disappointed, but respect Disney’s decision not to have him continue as a lead producer of our next live action Spider-Man film. We hope this might change in the future, but understand that the many new responsibilities that Disney has given him – including all their newly added Marvel properties – do not allow time for him to work on IP they do not own. Kevin is terrific and we are grateful for his help and guidance and appreciate the path he has helped put us on, which we will continue.”